There was w turiner auciease in Chinas exports ust yeas, wie Lotws being $89,214,000, as compared with 9514,008,000 in 1988, China's exports consist chidly. of raw materials and semi-manu'aciured goods, such as raw silk, veyetapie ous, rotals and ores, furs ana skins, seeds, bristles, and colton yarn. Such cods comprise more than 9U per cent. Of Crina's total exports. Because of the serious falling-off in exports of raw silk in recent years, China's export of raw materials was greatly Gecreased. In 1932 exports of raw ater als amounted to $440,000,000, in 1983 to $336,000,000, and last year to 284,000,000. Raw materials constituted 57 po: cent. in 1932, 55 per cent. 1993, 63 per cent, in 1934 of China' total exports. There was a small decrease last year in exports of articles of food, drink, and. tobacco, which amounted to $38,000,000, oF 26 per cent. of the total export trade. The principal manufactured goods which China exports consist of cotton iecagoods; silk goods; drawn-thread work, embroideries and laces; the Tabour troubles are Tess. and there are the advantages of access to suopiles of raw material and a Toeal Trarket for indutral products, During ments, because of the reduced opportunity for profit-making in busi-mess. The reduction in the amount due to banke reflects the tightness in the past year industry in the.COm- the market at the end of the yea meat eet dere ne Ease ced Trinineits'pecttion than factories im) om, December 31 ast amounted to the, interior, large-scale industries $424982.175001. an increase of $00.53, have incurred relatively greater losses than smaller units; but some well-°°5.86 a compared with 1089.) than, smaller unite but some well- or funds at the end of last year the ed in making profits despite the difi- Done ponns increased by fifteen per eet ear oad, fur oF five per cent, but short loans Due vempetion ranson for Chinese industries provided that <emt Because it is the Bank's polly nal © try to assist in marketing of fea, hey map ove. Perle ization, ale product the Dan bills and documents in connection Production ud eliminatewasttil Win te movement of goode from the trunk interior to a record amount of ly, the Government establishes a $4080.00" at the midate of Nover-policy to safeguard industrial in-Remittances—The total remittances terests. China, with its rich resources, made ey the Bank in 1934 amounted immense population and low level to $894,233,000, an increase of $79.51 of wages, should find its existing in-000 over the preceding year. dustry unable to satisfy the demands Attention was drawn in last yea of even the domestic market. report to the tendency of remittances The Bank's Operations towards the ports, and particularly into Shanghai. This tendency con-In the first half of last year, due to tinued last year, but, because of the the abundance of liquid funds, there sady been started. From. a period of Jack of cash in the interior, persons annual export of each group varying was a continued increase in deposits Inaction China has now passed on 10 were more inclined to carry cash with between ten and twenty million. with the Bank, despite a reduction in period of new railway construc them than to make remittances. dollars. There was a decrease in exits interest rates, and there was dim tion. This is due to increased poli-Profit and Loss.—The net profit for ports of manufactured goods from. culty in employing these funds safely teal stability and the efforts of the 1934 was $1,983,317.01, After deduerailway administration to restore its $88,200.00 in 1033 to $78000,000 and at the same time profitably. With ing one-tenth," or $193,331.70, for credit standing. the development of the silver crisis statutory reserve, as provided for in Agricultural Situation fu the second half of 1934, the situ the Articles of Association, there re-China's Foreign Trade tion was reversed, there being de-Production and Prices—Last year mands for accommodation on all mained a balance of $1,739,905.31.
Lavt year China's total imports from the total harvest of agricultural pro-'This amount, added to the undivided abroad amounted to $1,029,685,000 and ducts showed a great decrease as sides and increasing tightness in the Profit for the preceding year, makes her exports to $535,214,000, showing a market. compared with previous years. If the a total of $1,746525.59, from which total foreign trade of $1,514,879,000. area under cultivation tad remained The Bank's operations were made payment of $1,729,854.00 was made as AS compared with 1933 here was a unchanged, the production of cereals extremely dificult by this sudden dividend to the shareholders on the Feduction in total imports of over last year would have been equivalent change. In accordance with its long-established practice, the Bank had! usual seven per cent. basis, leaving '$815,902,000, and in total exports of to 82 per cent. of the previous year's {$16,671.59 to be carried forward to over $76,614,000, or a reduction in the production and the production of cot-exercised restraint and close super-the credit of undivided profit account, oral value of foreign trade amount-ton equivalent to 73 per cent. There vision in making loans during the The amount of $287,800.00 of uncalled ing to $392,516,000. was, however, an increase of ten per period of easy market conditions, capital was paid up by the end of Tu 1983 there was @ considerable cent. in the area under cotton cultiva-even at the cost of a loss of business; last year, but, as it' ranked for decrease in exports from Manchuri ton, so that the yield per mow wi but wien the market became tight idend only as from January 1, and the balance of trade between even less. In 1093 it was the and the financial situation dim cult, 1995, the dividend referred to above Manchuria and the rest of China was owning farmers who suffered mast the Bank, 2s part of its recognized, was based uran a paid-up capital of in favour of the latter, but at the because of poor crops, but last year ty, tried to maintain $24,712,200. end of of 1933 there was a new Man-the suffering extended to the peasant ditions. "However, what a churian import tariff, which substan-farmers.
Banc can do in such circumstances sines Activities tially increased the duty on, and Owing to the increase of land under may not be sufficient to meet every During the past year the Bank has restricted the exports of, cotton, flour cotton cultivation in recent years, and call from without, and there may also maintained its policy of trying to and cigarettes, from China. There the increased use of American cotton exist a difference of opinion regard-develop the people's productive power was a decline of over 25 per cent, in seeds, it should be possible within ing the urgency of various needs. and to restore the prosperity of the exports to Manchuria during 1934. four or five years' time to produce Such circumstances naturally some-interior. "Since the development of Tu 1034 there was a decrease in the each year cotton sufficient for China's times result in a lack of understand-the silver crisis from June last, the exports of all countries to China, the needs if the cotton-producing proing between banks and their business Bank has found it necessary to take country experiencing the greatest vinees will follow the example in clients, so that it is not surprising if! proper precautions to maintain finan-decrease being Australia. Because of cultivation of Shantung and Shensi. a bank is not always able to please lal stability, but the Bank, in order the decline in market prices, and an Tt is sis worth nothing that, as China all its customers. Such a situation is, to avoid difficulties for commercial increase in China's import tariff, im-Slready has an export of coarse cotton not and industrial business, did not seek ports of wheat and flour from valued at thirty to forty million dol Australia were reduced from $85,000,- lars, the country could even have an development depend very largely!
China's economic recovery and fo contract its loans. Naturally such a dilemma. placed financial institu 000 in 1993 to $10,000,000 in 1934. export surplus of cotton. upon ce-operation between the banks tions in an awkward position, The Balance fceet The Balance Sheet fs made up in the same form at in previous years and T think calls for Ittle comment. Feat estate has been slightly iner fed by the purchase of two small lots in the. eastern district to round off the works property and as was to be expected meters are the largest single item of capital expenditure, Sundry Debtors and Debit. balances have ecrenyed from $1,253.29019 in 1099, S060'960.89 in 1099 to" $698.025.14 thi year. The amount due from.
Sumers Included. in this figure re-pretends "Just under one "month's Fevenus, This eminently satisfactory State of affairs has. been' brought about "by the re-organisation of our collection department and general On the Tibilitied side you wilt notice that the $12735807 "set from the Debenture. Sinking Fund Reserve. by. the redemption of the Debentare issues of 1981 and 1628 been utilized. as to. $1500745. climingting fromthe aasete side of the" Balance. Sheet "Underwriting Commission on Issues of share capital fand "as to the balance in increasing Depreciation "Reserve. and thus one bling the rate of depreciation on certain capital items to be increased as_was considered desirable.
In referring earlier to the Equalization of Diviend Reserve and General Reserve as lines of defence, I do not wish to be understood as referring to the defence of dividends alone. In 1928 on signing the present francis agreement the company accepted a Umitation of dividends of a cumul tive nature in return for being re-Weved of bearing the risk of exchange. Thus it can be readily seen that equalization of dividends carries with It the equalization or stabil tion of water rates. Just as the rates for such an essential commodity a5 water must be fair and reasonable and applied without discrimination, must they not be liable to anything in the nature of fluctuations, Tariff Charges consequence, in view of the general uncertainties of the present financial situation which are only too well known to all present here, your Girectors feel that the present is no time for any hasty revision of the tariff of charges but have informed the Municipal Council that the company is prepared to continue the Trebate of 20 per cent. now in force until December 31, 1935 and have proposed that the present tariff orlod be terminated at that date. This will allow the remainder of this year to be spent in examining the results of general metering 80 far obtained and in incorporating any adjustments that are found to
Text read from the printed page and cleaned; old type leaves the occasional error.